Wednesday, March 25, 2015

[IBB] update

IBB appears to have suffered a blow off top couple days ago and is now likely now into its great bear market.  I'm probably light on the wave 2 bounce prediction shown below.  363 is my real bounce target after wave 1 down is complete.

When this lets go into wave 3 down, I expect to see shock and awe.  This biotech bullshit is a massive bubble ETF. 

I will say that there is a 30% chance that that spike was only a 3rd and not a 5th as shown. If this turns out to be the case then expect the final wave to peter out around $388.  A move above $365 changes my primary model to the alternate just discussed.

Here is the entire chart.  This has mania written all over it folks.

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